Apollo Global Management, Inc. (NYSE:APO) Raises Dividend to $0.46 Per Share

Apollo Global Management, Inc. (NYSE:APO) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Friday, May 17th will be given a dividend of 0.463 per share by the financial services provider on Friday, May 31st. This represents a $1.85 annualized dividend and a yield of 1.69%. The ex-dividend date is Thursday, May 16th. This is a boost from Apollo Global Management’s previous quarterly dividend of $0.43.

Apollo Global Management has decreased its dividend by an average of 9.9% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Apollo Global Management has a dividend payout ratio of 19.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Apollo Global Management to earn $8.72 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 19.7%.

Apollo Global Management Price Performance

Shares of NYSE:APO traded down $2.60 on Friday, hitting $109.47. The company had a trading volume of 3,300,741 shares, compared to its average volume of 2,358,690. The company has a market cap of $62.20 billion, a PE ratio of 13.02, a PEG ratio of 0.90 and a beta of 1.61. The business has a 50 day moving average of $111.15 and a 200 day moving average of $99.81. Apollo Global Management has a 52-week low of $57.50 and a 52-week high of $117.15. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.34.

Apollo Global Management (NYSE:APO) last released its earnings results on Thursday, February 8th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.11. The company had revenue of $795.00 million for the quarter, compared to analyst estimates of $823.27 million. Apollo Global Management had a net margin of 15.86% and a return on equity of 20.33%. As a group, equities analysts anticipate that Apollo Global Management will post 7.43 earnings per share for the current fiscal year.

Insider Activity at Apollo Global Management

In related news, insider Leon D. Black sold 300,000 shares of the stock in a transaction on Saturday, February 24th. The stock was sold at an average price of $111.51, for a total value of $33,453,000.00. Following the completion of the sale, the insider now directly owns 43,054,773 shares in the company, valued at approximately $4,801,037,737.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Apollo Global Management news, insider Leon D. Black sold 300,000 shares of the company’s stock in a transaction that occurred on Saturday, February 24th. The stock was sold at an average price of $111.51, for a total value of $33,453,000.00. Following the completion of the transaction, the insider now owns 43,054,773 shares in the company, valued at approximately $4,801,037,737.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Whitney Chatterjee sold 12,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $111.10, for a total transaction of $1,333,200.00. Following the completion of the sale, the insider now directly owns 123,901 shares of the company’s stock, valued at approximately $13,765,401.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,426,000 shares of company stock worth $158,226,960. 8.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wells Fargo & Company boosted their price target on Apollo Global Management from $110.00 to $118.00 and gave the company an “overweight” rating in a report on Friday, February 9th. JPMorgan Chase & Co. upped their target price on Apollo Global Management from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, April 24th. TD Cowen initiated coverage on Apollo Global Management in a research note on Thursday, January 4th. They issued an “outperform” rating and a $115.00 price target on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Apollo Global Management in a research note on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Apollo Global Management from $122.00 to $131.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $114.31.

About Apollo Global Management

Apollo Global Management, Inc is a private equity firm specializing in investments in credit, private equity and real estate markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.